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Cryptocurrencies Will Soon Get A Legal Status In India: HDFC Report

source-logo  coingape.com  + 3 more 28 May 2021 15:31, UTC
India’s largest banking institution – HDFC Bank – has recently published a report wherein it states that it’s just a matter of time when Indian investors will have legal access to digital currencies. The banking giant recently published a report dubbed “Cryptocurrencies: Fad or Forever?”, the bank’s treasury team led by chief economist Abheek Barua expressed its views on the developments in the crypto space.

The HDFC report mentions that cryptocurrencies can serve as a hedge against other asset classes. The only downturn with digital assets is their massive volatility. The HDFC Bank also mentioned that with global central banks stepping into the CBDC game, this is a space that needs to be watched closely.

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